22 March 2019

China art market may have suffered steeper fall, report says

China’s art market suffered a much-steeper decline last year than industry experts previously suggested, with roughly half of the country’s auction offerings going unsold in 2012, the Wall Street Journal reported, citing a study published Wednesday by a pair of auction watchdogs. Globally, auction sales of Chinese art fell 37 percent last year to U$6.9 billion, Artnet, a New York firm that tracks auctions, was quoted as saying in a report. The firm is said to have arrived at its total with help from the China Association of Auctioneers, a Chinese trade group that has started agitating for tougher auction standards in China.

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